DATA ANALYTICS
we ' re making good decisions , that we ' re making smart decisions , and that we know where we can generate revenue off of the shipment or margin .”
According to Mitchell , for uncommon lanes in the world of freight , “ you really need the analytics to support your decision-making process ”.
“ For the less experienced brokers , they ' re not going to have all the experience to know that , on certain days , a particular lane is actually going to provide more value .”
He continues : “ For brokers , the data provides such a tremendous step forward since they can negotiate the terms of the shipment without having to doubt themselves or take a loss .
“ It allows them to leapfrog forward by years of experience .”
The road to success Using data analytics for procurement is an essential part of the process . “ It ’ s important to use as many tools as are available to ensure that you have the confidence to accurately negotiate .
“ When we are working in a world where we ' re transactional and we ' re running a high volume of transactions ; one of the things that I think we would all be really happy with is knowing we ' re going to make mistakes .
“ There will be times when we make a bad call – we can ' t cover a load , we can ' t pull the margin that we ’ re looking for out of this run . But what we can do with these tools is allow you to reduce the number of mistakes , even if it ' s just 10 %. If we can eliminate some of the mistakes or their severity , it allows for brokers to win so much more .”
Mitchell concludes : “ It ' s pretty easy for all of us to say : ‘ If I could just eliminate a couple of the mistakes I make along this road , life could be so much better ’.
60 April 2023